A proposed U.S. corporate tax overhaul could boost the bottom line for British pharmaceuticals giant GlaxoSmithKline PLC, according to its finance chief.

“If there is tax reform, we -- on the basis of the proposals -- would expect a material net benefit,” said finance chief Simon Dingemans said in an interview with CFO Journal.

Nearly 40% of the company’s sales come from the U.S. A reduction in the amount of tax GSK pays to the Internal Revenue Service would lower its overall effective tax rate, translating into higher profits. Mr. Dingemans did not say how much tax the company pays in the U.S., or detail how a rate cut would affect earnings.

U.S. corporate tax reform has “a long way to go,” GSK’s Mr. Dingemans said, adding that more details are needed.

There has been “some upward pressure” on the amount of tax GSK pays, Mr. Dingemans said. This is mainly due to a continuing shift of the business towards the U.S., where tax rates are higher than in other regions, he said.

GSK in the third quarter paid an effective adjusted tax rate of 21% on profits from their global operations, slightly higher than in the third quarter of 2016 when it paid 20.8%. For the full year 2017, GSK forecasts an effective adjusted tax rate of between 21% and 22%.

President Donald Trump and leading Republicans presented a plan in September to sharply reduce the corporate tax rate to 20%, from the current 35%. Other proposals in circulation involve a special 25% rate for “pass-through” businesses such as partnerships and S-corporations.

The U.S. House of Representatives and the U.S. Senate are currently working on different tax plans which will have to be consolidated before the measure is sent to Mr. Trump.